Australian Govt: $2B Expansion to Critical Minerals Fund

The Albanese Government has unveiled a $2 billion boost in critical minerals financing, solidifying Australia's position as a leading global minerals provider, easing the transition to Net Zero, and boosting the Australian Economy.

This expansion of the Critical Minerals Facility takes the Government's recent investments in Australian resources to $6 billion.

Resources Minister Madeleine King said her government is providing significant support to de-risk investment in Australia's critical minerals sector.

”The Critical Minerals Facility is a cornerstone of that support, providing finance to strategically significant projects which can crowd in private investment,” said Ms King.

"Coupled with our support for processing, we are well positioned to be a world-leading provider of critical minerals, including rare earth elements, and to support global efforts on clean energy transformation."

Tungsten Metals Group Executive Chairman Tony Adcock said the company was very pleased with the announcement.

“We are very pleased to hear that the Prime Minister has placed a further $2Bn into the Federal Govt. Critical Minerals Fund and is encouraging ‘value add’ production.”

“Tungsten Metals Group is a primary tungsten FeW producer with our plant in Vinh Bao, Vietnam. We de-risk supply chain from China and Russia (96% of global tungsten); and we de-risk exploration risk, as we focus on downstream ‘value add’.”

Mr Adcock also highlighted Tungsten Metals Group’s Vietnamese FeW facility is currently “in production as an operating plant” and touched on the importance of tungsten in everyday life and a variety of industries.

”Tungsten is in everything - your light, your phone, construction, mining, oil and gas, transport and defence, EV batteries,” he said.

”As a mineral of critical economic importance, Tungsten ranks above rare earths such as rhodium, chromium, magnesium, titanium, etc.”